PHH Corporation Announces Executive Appointments08:55 EDT Tuesday, March 13, 2012
MT. LAUREL, N.J. (Business Wire) -- PHH Corporation (NYSE: PHH) (“PHH” or the “Company”) announced today
that Smriti Laxman Popenoe, Executive Vice President and Chief Risk
Officer, has been named Interim President, PHH Mortgage. Ms. Popenoe
succeeds Luke Hayden, who has resigned to pursue other interests. The
Company has commenced a search for a permanent replacement. The Company
also announced today that Richard J. Bradfield, Senior Vice President,
Capital Markets of PHH Mortgage, has been named Senior Vice President
and Treasurer of PHH Corporation. Mr. Bradfield succeeds Mark Johnson,
who has resigned to pursue other interests. Both appointments are
effective immediately.
Commenting on the new executive appointments, Glen Messina, President
and Chief Executive Officer of PHH, said, “Smriti's experience and
in-depth knowledge of PHH and our mortgage business will help us to
continue our focus on disciplined growth in our Mortgage franchise
platforms, Private Label Solutions and our Realogy relationship. We will
maintain our unwavering commitment to customer service and operational
excellence throughout this transition.
“Rich is the right person to take the helm of our Treasury organization
as we prioritize liquidity and cash flow generation to form a sound and
stable financial foundation from which to execute our business
strategies.
“I want to thank Luke and Mark for their service to PHH and wish them
all the best in their future endeavors,” continued Mr. Messina.
About Smriti Laxman Popenoe
Smriti Laxman Popenoe, now Interim President, PHH Mortgage, also serves
as PHH Corporation's Chief Risk Officer, responsible for the design and
implementation of an enterprise-wide risk framework. Ms. Popenoe has a
strong background in financial services and the mortgage industry. Prior
to joining PHH, she was a Principal at TriSim, Inc., a financial
advisory firm focused on REITS, banks and fixed income markets. She
served as Senior Vice President, Balance Sheet Management at Wachovia
(now Wells Fargo) where, among other things, she was responsible for the
bank's mortgage investment portfolio of over $100 billion, as well as
securitization programs for the banks retail residential loan
originations. Prior to joining Wachovia, Ms. Popenoe established Sunset
Financial, a publicly traded mortgage REIT, where she was responsible
for whole loan investments, securitization, hedging and portfolio
management for three years. Earlier, Ms. Popenoe oversaw investment
programs across the $400 billion fixed rate MBS and residential whole
loan portfolio at Freddie Mac, where she worked for nine years. Ms.
Popenoe began her career at NASD/Nasdaq, now known as FINRA. She earned
her bachelor's degree in Chemistry and Environmental Science from St.
Joseph's College in Bangalore, India; a Masters-level French Diploma
from Alliance Francaise and an MBA from the University of Rochester. Ms.
Popenoe is also a Chartered Financial Analyst.
About Richard Bradfield
Richard J. Bradfield, now Senior Vice President and Treasurer of PHH
Corporation, is responsible for the Company's funding needs, including
the funding of the Company's fleet leasing and mortgage warehousing
requirements. Mr. Bradfield is also responsible for managing relations
with banks, rating agencies and bondholders. Additionally, Mr. Bradfield
serves as Senior Vice President, Capital Markets of PHH Mortgage and is
responsible for pricing, pipeline and mortgage servicing rights (MSR)
risk management, as well as all mortgage asset sales and
securitizations. At PHH Mortgage, Mr. Bradfield is also responsible for
balance sheet management, product development and managing relations
with GSEs, mortgage insurance companies and investors. Mr. Bradfield has
held a variety of positions during his 20-year career at PHH. Earlier in
his career at PHH Mortgage, Mr. Bradfield was Vice President of Risk
Management, directly overseeing pipeline risk management and all
conforming asset sales and securitizations. Mr. Bradfield earned his
bachelor's degree in Business Administration and Finance from Drexel
University and his MBA from Temple University.
About PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading
provider of business process management services for the mortgage and
fleet industries. Its subsidiary, PHH Mortgage, is one of the top five
retail originators of residential mortgages in the United States1,
and its subsidiary, PHH Arval, is a leading fleet management services
provider in the United States and Canada. PHH has more than 5,000
employees dedicated to delivering premier customer service and providing
value-added solutions to its clients.
1 Inside Mortgage Finance, Copyright 2012
PHH CorporationInvestorsJim Ballan, 856-917-4311jim.ballan@phh.comphh.com/investorMediaHeather
McElrath, 856-917-7628heather.mcelrath@phh.comphh.com/news

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